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Wealth Management Meeting Prep: Beyond Money

by Connor MacNeil / February 23, 2020

When preparing for an initial meeting with a wealth management advisor, there are a lot of papers to get in order and questions to think about. Your advisor, for instance, will likely want to know what your current savings and debts are, what your annual income is, and whether you have any existing retirement accounts. Their questions, however, probably won’t focus only on financial items. As you get ready for your first meeting with your advisor, think about the big questions of life -- or retirement, at least -- in addition to your particular financial information.Wealth Management Worcester, MA

Take More Than Money into Account When Getting Ready for a Wealth Management Meeting


Money is a Means Rather Than an Ends

Although wealth management meetings often focus on finances, wealth itself isn’t a true end. It’s a means to an ends, although what the true ends are varies from person to person. Some people want to save up a certain amount so that they can do the things they want to do, which might be purchasing a fancy car, traveling to exotic locations, or giving to charities. Others have a particular savings goal that will provide them with a sense of security, prestige, or accomplishment. In both cases, acquiring a particular level of wealth is a significant goal not just because having money is good, but because it provides additional benefits.

Consider What You Want to Do

As you get ready for your wealth management meeting, think about what your real goals in life are. For instance, do you want to:

  • Travel and live a life of luxury

  • Make sure you’ll be well cared for later in life

  • Support charities and causes

  • Leave a legacy for your heirs

  • Reach a goal to prove that you can

Some of these goals might seem loftier than others, but don’t feel that you need to be the holiest or more generous person when considering your goals. It’s not an advisor’s place to judge what you want to do with your life. After all, it’s your life. Be honest with yourself and think about what you truly want to do, whatever that may be.

Develop a Wealth Management Strategy with an Advisor

Once you’ve thought about your goals and gathered your financial papers (yes, you’ll still need those), you’ll be ready to develop a financial strategy that’s specifically tailored to you. An advisor can help you decide upon financial goals that will let you do the things you want to do. They’ll also be able to help you determine where you currently are financially and develop a strategy for reaching your goals. An advisor is there to help you reach your financial goals, which will allow you to do the things you want to do. It all starts, though, with deciding upon what you want to do -- which is something only you can determine.

Tags: wealth management

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